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Sunday, June 24, 2018

Vietnam Shipbuilding Industry Group News

Vietnam Suspends Vinashin Chief

According to a July 14 report from Bloomberg, Vietnam Shipbuilding Industry Group Chairman Pham Thanh Binh was suspended from his post as the government began an investigation into financial difficulties at the state-controlled company. Vinashin, as the shipbuilder is known, doesn’t have enough funds for some projects after its customers and lenders were hit by the global recession that started in 2008, the Ministry of Transportation said July 1. The company also over diversified its businesses and hasn’t managed its cash flow and debt properly, according to the transport ministry statement. (Source: Bloomberg)

Vietnam’s Vinashin Sells Four Ships Worth $110M

According to a report from Bloomberg, Vietnam Shipbuilding Industry Group sold four newly-built ships worth almost $110m, as the Vietnamese government tries to restructure and stabilize the state-owned company that almost went bankrupt due to losses. The shipbuilder, also known as Vinashin, is trying to complete ongoing ship-building projects. (Source: Bloomberg)

Vietnam Arrests Four Former Vinashin Officials

According to a September 5 report from Bloomberg, Vietnamese police arrested four former officials of Vietnam Shipbuilding Industry Group, known as Vinashin, as the government extended its investigation into financial difficulties at the state-owned company. The people arrested on Sept. 3 include two former board members, Tran Quang Vu and Tran Van Liem, and ex-general directors of two of Vinashin’s subsidiaries, Nguyen Van Tuyen and Nguyen Tuan Duong, according to a statement from the Ministry of Public Security. (Source: Bloomberg)

New Leader for Vinashin

According to an AFP report, Vietnam has named a new chairman to take over Vietnam Shipbuilding Industry Group (Vinashin), after the last head was arrested for driving the company into massive debt. Prime Minister Nguyen Tan Dung reportedly appointed Nguyen Ngoc Su, formerly deputy head of state-owned oil and gas firm PetroVietnam, to head the shipbuilder. He replaces Pham Thanh Binh, who was suspended in July and later arrested due to the group's debts,. (Source: AFP)

New Vietnam Shipbuilding Group to be Lauched

According to a report from the VietnamNet Bridge, Deputy Prime Minister Nguyen Sinh Hung said a new Vietnam Shipbuilding Industry Group, Vinashin, will be unveiled this month or early November. The new shipbuilding group will focus on its core business, which are shipbuilding and repairing; supporting industries for shipbuilding; and providing training courses in the field. (Source: VietnamNet Bridge)

Vinashin Launches 6,500 Ton Container Ship

According to a Nov. 27 report from SGGP, a member of Vietnam Shipbuilding Industry Group (Vinashin) on November 26 launched a 6,500 ton container ship named Vinashin Southern No.1 in the northern port of Hai Phong. (Source: SGGP)

Vinashin Exposure May Hurt Banks

According to a report from Bloomberg, Vietnam Shipbuilding Industry Group’s near-bankruptcy may lead to an increase in the non-performing loan ratios at some Vietnamese banks, the World Bank said. State-owned Vietnam Shipbuilding, known as Vinashin, may account for as much as 3% of some local banks’ loan portfolios, Moody’s Investors Service said on Nov. 29. (Source: Bloomberg)

Vietnam Minister, Vinashin Should Make Its Own Payment

According to a report from Bloomberg, A Vietnamese minister said state- owned Vietnam Shipbuilding Industry Group, Vinashin, should make a $60m debt payment on its own as the government offers to help the company become profitable. (Source: Bloomberg)

Vinashin Struggles to Repay Creditors

According to an Associated Press report, state media say the Vietnam Shipbuilding Industry Group doesn't yet have an agreement on the first repayment toward $600m it owes foreign creditors. Vinashin reportedly defaulted last Monday on the $60m payment due as part of syndicated loans arranged by Credit Suisse in 2007. (Source: AP)

Vinashin to Receive Gov’t Loans to Pay Workers

According to a Dec. 28 report from Bloomberg, Vietnam Shipbuilding Industry Group, the state-run company that is struggling to repay debt, will be allowed to get interest-free loans from the government to pay its workers, according to a directive from the prime minister. (Source: Bloomberg)

Vinashin Aims to Complete 64 Ships and Regain Prestige

According to a report from Bloomberg, Vietnam Shipbuilding Industry Group said it will complete a total of 64 ships this year as it strives to “regain its prestige and brand.” The group handed over 22 ships worth $241m in the first eight months of the year, it said, and will complete 42 more ships by the end of 2010. (Source: Bloomberg)

Vinashin Misses Payment, Plans Review

According to a Bloomberg report, Vietnam Shipbuilding Industry Group (Vinashin), plans to present a KPMG LLP report on its business to creditors by mid-year after it missed a payment on a bank loan. Vinashin reportedly received a $600m loan in 2007 from banks led by Credit Suisse Group AG that paid higher interest than the London interbank offered rate, according to Bloomberg. While it made a $6.8 million interest payment on Dec. 23, the company reportedly missed a Dec. 20 deadline to make a $60m payment. (Bloomberg)

Vinashin Gradually Stabilizes

According to the VOV News, some members of the Vietnam Shipbuilding Industry Group Vinashin have recovered from the economic crisis and stabilized their production and business to create more jobs and ensure workers’ incomes. On April 9, Vinashin’s Party Committee held its second Party Congress for the 2011-2015 term in the presence of politburo member and Deputy Prime Minister Nguyen Sinh Hung, who is also head of the Steering Committee for restructuring the Vinashin group.     (Source: VOV News)

Vinashin Asks Bondholders to Write Off Debt

A report from Bloomberg sited a bondholder who met with Vietnam Shipbuilding Industry Group, saying the state-owned company, with more than $4b in debt, asked holders of a local-currency bond it defaulted on in April to write off as much as 90% of the money owed. Source: Bloomberg

Vinashin Must Clear Debts Despite Difficulties

According to a report from Thanh Nien, Vietnam Shipbuilding Industry Group is facing difficulties clearing its debts but eventually it will have to pay them all, Minister and Chairman of Government Office Nguyen Xuan Phuc said. Total debts of Vietnam Shipbuilding Industry Group, also known as Vinashin, reached $4.2b as of the end of 2009, according to an audit by the Government Inspectorate.   Source: Thanh Nien

Vinashin Must Clear Debts

According to a report from Thanh Nien News, Vietnam Shipbuilding Industry Group is facing difficulties clearing its debts but eventually it will have to pay them all, Minister and Chairman of Government Office Nguyen Xuan Phuc said.    Source: Thanh Nien News

Interpol Hunts Vietnam Shipping Officials

According to a report from the AFP, Interpol has issued a global search warrant for two former officials of Vietnam's troubled state-owned shipbuilder. The wanted pair are Ho Ngoc Tung, former chief finance officer of Vinashin (Vietnam Shipbuilding Industry Group) and Giang Kim Dat, former business manager of a Vinashin subsidiary.   Source: AFP

Vinashin Inks Car Carrier Contract

The Nam Trieu Shipbuilding Industry Corporation (Nasico) under the Vietnam Shipbuilding Industry Group (Vinashin) on July 12 signed a contract to build a pair of ships, each capable of carrying 6,900 cars, for the Blystad group of Norway, according to a report on VOV news (http://english.vovnews.vn) The 200 x 32-m car carriers will be built to a design of DeltaMarin  under the supervision of DNV of Norway. The first ship is expected to be completed and transferred in October 2013 and the other, in April 2014.

Vietnam Charges Vinashin Executives

According to a report from the Associated Press, Vietnam’s state media said Vietnamese police have pressed charges against nine senior executives of a government-owned shipbuilding company, the Vietnam Shipbuilding Industry Group, known as Vinashin, that nearly collapsed due to mismanagement. Source:  AP

Shipbuilding Complex Breaks Ground in Vietnam

Construction of a $106m shipbuilding complex began in Hau Giang Province. The plant is expected to be a major booster to economic growth in the Mekong Delta. The complex will produce ships of up to 70,000 tons. The state-owned Vietnam Shipbuilding Industry Group (Vinashin) has planned to pour $68.7m in the plant. The complex will also house a container production factory, a ship engine manufacturing plant, ports, and a self-reliant thermo-electric power plant. Three other Mekong Delta provinces, Long An, Ca Mau and Kien Giang, have also begun work on ship yards to produce 20,000-100,000-ton vessels. Source: Thanhnien News

Vietnam Shipbuilding Group Closes Llargest Bond Issue

The Vietnam Shipbuilding Industry Group (Vinashin) on May 7 announced it had successfully closed the largest ever corporate bonds issue by a Vietnamese company with a landmark 10-year, $187m fundraising to finance ambitious shipbuilding projects. This bond is the third 10-year Vietnamese corporate bond since the first issue by Electricity of Vietnam in November 2006. Source: Business in Asia Today

Norway Funds Shipbuilding Training Program

Norway has committed some $4m in grants to aid Vietnam’s shipbuilding industry in human resource development over the course of the next three years, VNA reported. A deal was signed in Hanoi, on May 21, to seal the decision during a visit by Norwegian State Secretary of the Ministry of Foreign Affairs Anne Stenhammer. An amount of $1.84m is to be funded by Norway's Government, while Det Norske Veritas, Hoegh Autoliners and Jotun Paint, three of Norway's leading shipbuilders, will finance the remainder. The project aims to equip the Vietnam Shipbuilding Industry Group (Vinashin) with new skills relating to shipbuilding management and quality control.

Vietnam Ship Anchors in U.S. Port

The Vinashin Victory oil tanker owned by the Bien Dong Transport Company, a member of the Vietnam Shipbuilding Industry Group, became the first Vietnamese ship to anchor at a U.S. port. The tanker carried over 40,000 tons of oil from Japan, crossing the Pacific ocean in 13 days and anchoring at San Francisco port in California on August 23. The Vinashin Victory is the biggest Vietnamese oil tanker with a capacity of 47,000 tons. The tanker has a speed of 15 miles per hour and is on the ABS registry of shipping. The $50m tanker was recently purchased by Vinashin and has been put into use since April 2007. Source: Nhan Dan

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